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September 2013
News from Member Bodies
News from Government, Regulatory, and Other International Organizations
News from Member Bodies
1. Forum on Accountancy and Business Development Held by CAPA

The Confederation of Asian and Pacific Accountants (CAPA) recently held a forum in Apia, Samoa, to support the development of professional accountancy organizations in the South Pacific. The Accountancy Profession in Samoa Supporting Business Development and Growth consisted of three panel sessions featuring perspectives of accountants in practice, business, and the public sector. Speakers discussed how the accountancy profession is contributing to the development and growth of sustainable businesses and economies. 
Source:
Confederation of Asian and Pacific Accountants
2. AICPA Provides Assistance for SME Selection of Appropriate Financial Reporting Framework

The American Institute of CPAs (AICPA) has released a decision guide to help small- and medium-sized entities (SMEs) determine the most appropriate financial reporting framework for their needs. Financial Reporting Framework for SMEs consists of toolkits for Certified Public Accountants and accounting firms, financial statement users, and small businesses. In addition to the Framework, which includes guidelines, a flow chart, and tables, online resources include a backgrounder, frequently asked questions, and a decision tool.
Source:
American Institute of CPAs
Accounting Today (free registration required)
3. CGA-Canada: SMEs are Key to Kick-starting Canadian Economy

A new background paper from the Certified General Accountants Association of Canada (CGA-Canada) shows small- and medium-sized entities (SMEs) could be taking greater advantage of the opportunities in faster growing, emerging economies. Canadas Global Trade Agenda: Opportunities for SMEs argues that improving Canadas trade performance will require growing the number of Canadian businesses engaged in international trade, and overcoming the constraints and obstacles faced by those already conducting business in global markets.
Source:
Certified General Accountants Association of Canada
4. National Awards for Cost Management Presented in India

The Institute of Cost Accountants of India recently awarded the 10th National Awards for Excellence in Cost Management in recognition of organizational progress. Sixteen public and private Indian companies were granted the awards in 11 categories based on selection criteria that looked at resource management, efficient utilization of capacity and working capital, quality augmentation, expenditure of corporate social responsibility, and precise information on performance. Award winners included Blue Dart Express Limited, Karnataka Soaps and Detergents Limited, and the Central Bank of India.
Source:
Institute of Cost Accountants India Presidents Communique
recipient listing
5. FEE: Will the European Debate on Audit Policy Find a Better Way Forward Under the Lithuanian Presidency?

In a recent article, the Federation des Experts Comptables Europeens (FEE) analyzed the effects of the upcoming Lithuanian presidency of the European Union on the audit policy debate. Will the European Debate on Audit Policy Find a Better Way Forward under the Lithuanian Presidency? outlines the issues at stake and what may shift when the presidency changes hands. FEE concludes with, As regards the profession, FEE invites all its Members to focus on the long-term collective interest of the entire accountancy profession, whatever the size of firms, areas of practice or Member State, taking into account the European public interest.
Source:
Federation des Experts Comptables Europeens
6. Photo Contest in Kazakhstan, I Heart IFRS

The Chamber of Professional Accountants of the Republic of Kazakhstan has announced a photo contest, I Heart IFRS (International Financial Reporting Standards). Participants are invited to submit photos on the theme to MailScanner has detected a possible fraud attempt from "ifac.us7.list-manage.com" claiming to be www.accountantkz.kz, and invite people to vote, before October 1, 2013. Prizes for the winning photos include a trip to Thailand, a tablet, and a smartphone.
Source:
Chamber of Professional Accountants of the Republic of Kazakhstan
7. OTOC to Host Conference on Accounting Standards and Changes in European Directives

The Ordem dos Tecnicos Oficiais de Contas (OTOC) and the European Federation of Accountants and Auditors for Small- and Medium-sized Entities (SMEs) will be hosting a conference  in Faro, Portugal, on September 20, 2013. Impact of Changes in European Directives on Accounting Standards will include panels on accounting standards and financial reporting quality, International Public Sector Accounting Standards (IPSASs) and European Public Sector Accounting Standards (EPSASs), and International Financial Reporting Standards for SMEs. Florin Toma, a member of the IFAC Small and Medium Practices Committee, will address the global context during the panel on accounting standards and financial reporting quality. 
Source:
Ordem dos Tecnicos Oficiais de Contas
8. Overseas Center of Cost Accountants Opened in Washington, DC

The Institute of Cost Accountants of India recently opened its ninth Overseas Center of Cost Accountants. The Washington, DC, center will serve its members in the US. Speaking during the opening event, Rakesh Singh, president of the Institute, urged upon the members of the Institute to brush up their skills to be able to add value to the services and products to keep ahead in the competition. The Institute has plans to open additional Overseas Centers in London and Australia. 
Source:
Institute of Cost Accountants of India
9. IMCP Looks at Challenges in Adoption, Implementation of Standards

Contaduria Publica, the journal of the Instituto Mexicano de Contadores Publicos (IMCP), recently addressed the challenge of harmonization and implementation of regulations in Mexico. The article states that professional accountants in Mexico have been continually adapting to changes in recent years, including changes to International Financial Reporting Standards and International Standards on Auditing, and the inherent challenges of adoption and implementation. Since 2006, more than 30 rules have been issued or modifiedmore over seven years than during the previous 30 years. 
Source:
Contaduria Publica
10. CA Sri Lanka Signs MOU with Microsoft

In an effort to provide a world class IT education for its members and students, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding (MOU) with Microsoft Sri Lanka. Citing the importance of IT skills for professional accountants success in business, CA Sri Lankas president said, With our partnership with Microsoft Sri Lanka, I believe we can provide our members and students world recognized IT qualifications alongside our famous chartered accountancy qualification.
Source:
Lanka Business Today
11. Joint Initiatives Launched Among Professional Accountancy Organizations

  • The Association of Chartered Certified Accountants and the Botswana Institute of Chartered Accountants have extended their partnership agreement. "With this agreement, it means we will continue to develop capacity for the financial sector, by producing accountants to be able to meet the demand of the market," according to Jamil Ampomah, ACCA director Sub-Sahara Africa.
Source:
Mmegi Online
News from Government, Regulatory, and Other International Organizations
1. G4 XBRL Taxonomy Released by GRI

The first draft of the XBRL (eXtensible Business Reporting Language) taxonomy for the Global Reporting Initiatives (GRI)s G4 guidelines has been released for comment. The taxonomy, developed in collaboration with Deloitte, is one of the first XBRL taxonomies for sustainability reporting and is intended to help investors, auditors, and analysts access information in sustainability reports faster and with more ease. The comment deadline is October 25, 2013.
Source:
Global Reporting Initiative
2. South African Officials Considering New Regulations for Accountants

Regulators in South Africa are reportedly discussing a new regulatory framework that would govern accountants. According to Business Day Live, The discussions come in the wake of a Report on the Observance of Standards and Codes [ROSC], to be published by the World Bank, which recommends the regulation of South African accountants.
Source:
Business Day Live
3. Opinion: Neglecting African Economies a Disastrous Mistake for Global Economy

The General Secretary of the Foundation for European Progressive Studies, Ernst Stetter, recently warned that, although the economies of Africa have been marginalized by other national economies, neglecting Africa could turn out to be a disastrous mistake. Mr. Stetter cites Africas vast natural resources, easy market access to Europe as well as the US and China, and that Africas post-colonial history has been a history of integration into the European economy and its markets. Mr. Stetter argues that, If Africa matters to Europe, it matters to the globalised world.
Source:
Europes World
4. Public Finance Reforms Key to World Banks European and Central Asian Programs

According to its recently released annual review for activity in Europe and Central Asia, the World Bank has focused its efforts in the region on strengthening public finance and improving public services. This year, calmer financial markets and global trade have helped improve the situation in the region. We have focused on supporting countries in their efforts to strengthen their economic competitiveness and public finances, improve public services, strengthen the banking systems, and protect the most vulnerable from the impacts of the economic slowdown. The World Bank provided US$10.2 billion to governments in Europe and Central Asia during its 2013 fiscal year (July 2012-June 2013).
Source:
Public Finance International
5. Increasing Numbers of Companies Adapting to Investor Interest in Connection between Sustainability, Financial Performance

Increasing numbers of investors are making the connection between sustainability and financial performance, and increasing numbers of companies and exchanges are noticing, according to PwCs Integrated Reporting: Going Beyond the Financial Results. The report highlights how companies may benefit from integrated reporting in response to stakeholders calls for enhanced disclosure of environmental, social, governance, and other nonfinancial information. It also outlines the benefits some companies are realizing as they explore integrated reporting.
IFAC has also addressed this demand by developing guidance for accountants to tackle the issue, Investor Demand for Environmental, Social, and Governance Disclosures. The guidance considers trends in investor demand for and use of environmental, social, and governance (ESG) information. It also makes recommendations on how professional accountants can better support their organizations in responding to these demands, and ultimately improve the management and reporting of ESG performance.
Source:
PwC
Sustainable Plant
6. ADB Institute Reviews Implications of Financial Reform in Asia

A new study from the Asian Development Bank (ADB) Institute seeks to understand the likely impact on Asian economies and financial institutions of various recent global financial reforms. An Asian Perspective on Global Financial Reformsincludes lessons from the global financial crisis; possible impacts of major regulatory reforms in emerging economies; an analysis of the quantitative impact of Basel III on Southeast Asian financial institutions; and a discussion of the policy implications of reforms and impacts.
Source:
Asian Development Bank Institute
7. Improve Quality of Financial Reporting, Accountants Urged

Accountants in Singapore were recently urged to raise the quality of financial reporting during the Public Accountants Conference 2013, held by the Accounting and Corporate Regulatory Authority in Singapore. This years conversation extends beyond auditing to discuss how to improve the quality of financial reporting in companies, following feedback that poor quality financial reporting can be a major hindrance to high quality and value-adding external audit. The event also focused on raising audit standards and making audit practices more sustainable. 
Source:
Accounting and Corporate Regulatory Authority website
press release
8. CAQ Makes Suggestions on Audit Quality Reports

Suggestions on how to handle voluntary reports on improvements to audit reporting have been released by the Center for Audit Quality (CAQ) in the US. CAQ Resource: Audit Quality Reportinghighlights elements of audit quality that US audit firms could consider in refining or developing their own reporting regarding their public company audit practice. These elements include firm leadership and tone at the top; independence, objectivity, and skepticism; audit process, methodology, and performance; professional development and competency; monitoring; and firm organization and structure.

Source:
Compliance Week
Center for Audit Quality
      , 2007. .
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